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Millenials Ready to Become Home Buyers

Millennials Ready to Become Homeowners

It’s Time! Millennial homebuyers are finally entering the market. For the past decade there has been a wait for the next generation of homebuyers to drive up demand. It has taken much longer than anticipated. The average age of a first time buyer used to be about 26. Over the last 20 years it has risen and risen until now first time buyers are around age 33 instead. Why the delay?


Looking at it logically there are many factors that can be blamed. Millennial graduated from college and found a weak job market, so many moved back home with their parents or shared a rental with friends. Roughly a third of them still live at home. Millennials also have cash-flow issues, thanks to a huge amount of student loans. Paying off student loans can delay home buying because monthly  payments are deducted from the amount someone has available to pay a mortgage. Default rates are running between 7 and just over 11 percent, depending on the type of loan.


Meanwhile, many millennials have watched their parents lose their jobs and seen their homes foreclosed or put up for short-sale. Seeing how their parents have struggled has made millennials as a whole wary of taking on the housing market.


Now though, the tide seems to be changing. More millennials have begin getting married and having children, which usually causes people to think seriously about where they live and to crave the security of homeownership. According to the latest figures from the National Association of Realtors, millennials accounted for 34 percent of homebuyers in 2016, the latest year for which data is available. This is a large jump and hopefully the numbers will continue to grow in the coming years.


If you are a first time homebuyer, a trustworthy title company is an essential service to guide you through the closing process and keep your best interest at the forefront of the transaction. Please click below to find out what Setco Services can do to make your home buying process as stress-free as possible!

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